1st Flashcards
How many process groups in PMI?
Name them.
5 processes:
Initiating Planning Executing Monitoring & controlling Closing
Name PMP knowledge areas.
- Integration
- Scope
- Time
- Cost
- Quality
- Human Resources
- Communications
- Risks
- Procurement
- Stakeholder
Which PM process group encompasses all other processes?
Monitoring & controlling.
PMBOK pg 47
Name organizational structures that are considered by PMI
3:
Functional
Matrix
Projectize
Which organizational structures are considered by PMI to be the best and the worst out:
Functional
Matrix
Projectized
Best: projectized due to focus on PM. PM own the resources.
Worst: functional due to focus on functional manager. Resources own by FM not PM
Matrix balanced = PM borrow resources from FM but balanced authority.
Project vs operational work. What is the diff?
Project:
Finite duration
Temporary
Terminates
Vs
Ops:
Ongoing
Produce repetitive products/services/results
Does not terminate when current obj are met.
What is the definition of stakeholders?
Persons or organizations who are actively involved in the project or whose interest may be positively or negatively affected by the project.
What type of team composition often appear in projectized organizations?
Dedicated.
Full time project team members.
What type of team composition usually appear in functional organizations?
Part time.
Shared resources.
Have other responsibilities outside the project.
What is the purpose of project charter?
Formally authorize PM’s authority and project objectives.
Provide the project with a defined start and establishes boundaries.
Formalize commitment from management.
Project DOES NOT exist until charter is created.
When does a project charter produced?
At the very beginning of the Project lifecycle before any substantial planning.
What is Project statement of work (SOW)?
Formal doc describing activities deliverables Timescale For the performance of specified project work.
Who should provide SOW for internal projects?
Project sponsor.
Who should provide SOW for external project?
Customer (user who will use project’s product or service or result) to provide as part of an agreement (contract) or procurement documents.
What is a project sponsor?
Person or group who provide financial resources for a project.
What is the role of portfolio managers?
High level governance of a collection of projects or programs, which may or may not interdependent.
What is the role of program managers?
Managing projects in coordinated way to obtain benefits and control not available from managing them individually.
Name examples of inputs to business case for a project?
- Cost benefit analysis (CBA)
Justify why the project fcasted cost and time will be worth the investment.
e.g Benefit cost ratio (BCR)
Benefit/cost
High BCR = good.
- Project selection method (PSM)
E.g
Opp cost = low is better
Payback period = low is better
ROI = (net income - cost) / cost = high is better
ROIC = net income from proj / total capital investment = bigger is better
EVA = net op profit after tax - cost of capital = bigger is better
IRR= bigger is better
PV= bigger is better
NPV = bigger is better
DCF = bigger is better
What is EEF enterprise environmental factor?
Laws, regulations, company values, existing infrastructure
Always an input to the project process.
What is an OPA organizational process assets?
Historical info, lesson learned, company process & procedures.
Always an input to the process.
Give example of Tools & tech for the initiation process group?
Expert judgement
Facilitation technique - brainstorming, conflict resolution, problem solving and meeting management.
Give example of output for initiation process group.
Project charter.
Give example of output to planning process.
Project Management Plan.
How many project management plan contents are there?
9-4-3
9 management plans - one for each knowledge areas except for integration.
4 other areas plan: change, config, requirement management plan and process improvement plan.
3 baselines = scope, schedule, cost
What are the examples of tools & tech for direct & managing (executing) project work?
Meeting
Expert judgement
Project management info sys, e.g scheduling software tool, document control, web interface etc
What needs to be updated when change request is approved?
All knowledge areas management plans
All baselines
Requirement management plan and process improvement plan.
Triple constraints of the project?
Time
Cost
Scope
